Report

Indonesia Economic Prospects, July 2020 : The Long Road to Recovery

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collection.link.132
https://openknowledge.worldbank.org/handle/10986/5997
collection.link.85
https://openknowledge.worldbank.org/handle/10986/2193
collection.name.132
Bahasa PDFs Available
collection.name.85
Economic Updates and Modeling
dc.contributor.author
World Bank
dc.date.accessioned
2020-07-16T15:41:42Z
dc.date.available
2020-07-16T15:41:42Z
dc.date.issued
2020-07
dc.date.lastModified
2021-06-14T09:54:58Z
dc.description.abstract
The COVID-19 (coronavirus) pandemic and associated containment measures triggered the deepest global recession in eight decades. As many countries implemented lockdowns and travel restrictions, global demand for goods and services plummeted along with tourism flows and commodity prices; supply chains were disrupted; and financial market volatility spiked. The Government of Indonesia also implemented mobility restrictions from mid-March and then a partial lockdown from April to June, preventing many firms and shops from operating, and discouraging many consumers from shopping. Hit by severe external and domestic shocks, economic activity tumbled. Real GDP growth slumped from 5.0 percent yoy in Q4 2019 to 3.0 percent in Q1 2020, the lowest quarterly growth since 2001. Private consumption slowed as mobility restrictions and personal avoidance behavior curbed household consumption. Investment growth also declined with heightened uncertainty and lower commodity prices. There was broad-based slowdown across sectors. Manufacturing, construction and low value-added service sectors including transport, storage, hotels and restaurants, sectors that employ a larger number of workers, all saw a near halving in their sectoral growth rates from Q4 2019. In contrast, growth of modern, knowledge-intensive services sectors, including digital, financial, education and health services accelerated. The slowdown in domestic demand and the unexpected growth in some manufactured exports helped narrow the current account deficit (CAD) to 2.5 percent of GDP in Q1 2020 from 2.7 percent of GDP in Q4 2019. The goods trade surplus soared, as some diversion of manufacturing production from China and higher palm oil prices earlier in the year propped up export values, while imports contracted due to lower consumption and, investment and falling oil prices. With the sudden stop in global travel and transport, both services exports and imports plunged.
en
dc.identifier
http://documents.worldbank.org/curated/en/804791594826869284/Indonesia-Economic-Prospects-The-Long-Road-to-Recovery
dc.identifier.uri
http://hdl.handle.net/10986/34123
dc.language
English
dc.publisher
World Bank, Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
ECONOMIC GROWTH
dc.subject
FISCAL TRENDS
dc.subject
CURRENT ACCOUNT DEFICIT
dc.subject
INFLATION
dc.subject
FINANCIAL MARKETS
dc.subject
LABOR MARKET
dc.subject
SOCIAL ASSISTANCE
dc.subject
ECONOMIC OUTLOOK
dc.subject
RISKS
dc.subject
CORONAVIRUS
dc.subject
COVID-19
dc.subject
PANDEMIC IMPACT
dc.subject
PANDEMIC RESPONSE
dc.subject
FINANCIAL LIQUIDITY
dc.subject
PUBLIC HEALTH
dc.subject
LABOR SKILLS
dc.subject
INFRASTRUCTURE
dc.subject
PUBLIC SECTOR REFORM
dc.subject
DEBT MANAGEMENT
dc.title
Indonesia Economic Prospects, July 2020
en
dc.title.subtitle
The Long Road to Recovery
en
dc.type
Report
en
okr.crossref.title
Indonesia Economic Prospects, July 2020
okr.date.disclosure
2020-07-15
okr.doctype
Economic & Sector Work
okr.doctype
Economic & Sector Work :: Economic Updates and Modeling
okr.docurl
http://documents.worldbank.org/curated/en/804791594826869284/Indonesia-Economic-Prospects-The-Long-Road-to-Recovery
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/34123
okr.identifier.externaldocumentum
090224b087bccd19_3_0
okr.identifier.internaldocumentum
32239430
okr.identifier.report
150892
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/804791594826869284/pdf/Indonesia-Economic-Prospects-The-Long-Road-to-Recovery.pdf
en
okr.region.administrative
East Asia and Pacific
okr.region.country
Indonesia
okr.topic
Public Sector Development :: Public Sector Management and Reform
okr.topic
Finance and Financial Sector Development :: Debt Markets
okr.topic
Health, Nutrition and Population :: Disease Control & Prevention
okr.topic
Macroeconomics and Economic Growth :: Business Cycles and Stabilization Policies
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.topic
Macroeconomics and Economic Growth :: Fiscal & Monetary Policy
okr.topic
Social Protections and Labor :: Labor Markets
okr.unit
Macroeconomics, Trade and Investment Global Practice

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